"One of the main conclusions of “Children and Youth as Economic Citizens: Review of Research on Financial Capability, Financial Inclusion and Financial Education” is that theories regarding financial inclusion and education must be systematically tested if efforts are to be based on evidence. YouthSave’s current research in Colombia, Ghana, Kenya, and Nepal may contribute to the Working Group’s goal by shedding some light on the relationship between savings and financial education for youth. For instance, YouthSave’s study in Ghana is testing the effectiveness of savings accounts and financial education for in-school and out-of-school youth."
Contrasting Lessons from Colombia´s Economic & Financial Education Workshop with the Citi – FT Financial Education Summit
"Several speakers also raised an interesting point: the development of financial literacy programs shall not be left solely to the financial sector. The corporate mission of financial institutions is to sell financial products and services, so there is a high risk of crossing the line between the implementation of financial education programs and marketing, a practice so-called 'hidden marketing.'”
Latest Debates & Lessons on Financial Capability: Highlights from the 2011 Citi - FT Financial Education Summit in Jakarta
What is “financial capability” and how can we best nurture it to boost the social and economic prospects of the poor? This central question permeated the latest Citi-FT Financial Education Summit held last month in Jakarta, Indonesia... While I was there to present on YouthSave interventions in Nepal for the panel, “Financial Edutainment Strategies – Using Multimedia Content to Engage Target Audiences” as a component of their core theme, “Empowering the Disadvantaged: Inclusive and Innovative Approaches to Financial Capability”, several other relevant and interesting takeaways from participants stood out to me at the end of the two day conference...
By Center for Social Development, Washington University in St. Louis
In 1950 there were just under half a billion young people from ages 15 to 24 in the world; by 2050 that number is expected to grow to 1.2 billion. Of these 1.2 billion, 90% will live in developing economies. Available evidence suggests that youth savings has the potential to improve the well-being of low-income and vulnerable youth, but globally, the number of youth savings programs is small. Systematic research is required to understand what types of youth savings products and services spur savings among populations of youth around the world.